Trade deficit up to €5,7 bln

The trade deficit was €5,695.3 mn in January – September 2022 compared to €4,077.6 mn in the corresponding period of 2021, according to the provisional data published by the Cyprus Statistical Service on Wednesday for September.

For the first nine months of 2022, total imports of goods from EU Member States and from third countries amounted to €8,502.7 mn as compared to €6,267.6 mn in January – September 2021, recording an increase of 35.7%. Total exports of goods to EU Member States and to third countries in January – September 2022 were €2,807.4 mn compared to €2,190 mn in the same period of 2021, registering a smaller increase of 28.2%.

Based on the provisional data for September, total imports of goods were €851.7 mn compared to €643.7 mn in September 2021, recording an increase of 32.3%. Imports from other EU Member States in September 2022 were €530.5 mn and from third countries €321.1 mn, compared to €443.7 mn and €200 mn respectively in September 2021. Imports in September 2022 include the transfer of economic ownership of mobile transport equipment (vessels and aircrafts), with total value of €20.5 mn as compared to €18.1 mn in September 2021.

Total exports of goods in September 2022 were €285.7 mn as compared to €204.8 mn in September 2021, recording an increase of 39.5%. Exports to other EU Member States in September 2022 were €118.8 mn and to third countries €166.9 mn, compared to €83.4 mn and €121.3 mn respectively in September 2021. Exports in September 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €77.8 mn as compared to €27.2 mn in September 2021.

The Statistical Service released the final data on the foreign trade of Cyprus for August 2022. The data are included in the monthly electronic publication “Intra & Extra EU Trade Statistics (Summarised Data)”.

According to these, total imports of goods from EU Member States and from third countries amounted to €957.1 mn in August 2022 as compared to €712.1 mn in August 2021, recording an increase of 34.4%.

Exports of domestically produced products, including stores and provisions, in August 2022 were €118.8 mn as compared to €107.9 mn in August 2021, recording an increase of 10.1%. Domestic exports of industrial products in were €111.6 mn compared to €102.5 mn in the same month of 2021, whilst domestic exports of agricultural products in August 2022 were €5.9 mn compared to €4.4 mn in August 2021.

Exports of foreign products, including stores and provisions, in August 2022 were €135.7 mn as compared to €176.4 mn in August 2021, recording a decrease of 23.1%.